The banking services in India still stands on restricting access to Crypto exchanges in the country.
The banks show no interest in doing business with exchanges located in India.
As maintained by Reuters on Thursday, Crypto exchanges in India are still not able to register accounts with the banks. Despite the fact that there's no ban on crypto in the country, banks are still taking action as regards the advice of Reserve Bank of India (RBI) to avoid crypto exchanges.
In May, RBI stated its take about the issue, declaring that banks have not been stopped from aiding transactions for crypto exchanges. As a matter of fact, India's Supreme court reversed a preceding FBI order that stopped banks from aiding account assistance to crypto exchanges.
The restricted access to banking services causes huge disturbances such as hindering the range of immediate payments for withdrawals.
Since banks are still reserved, crypto exchanges in India are starting to think about other payment dealers. Cooperating with remittance computing companies is becoming an acceptable improvisation course for platforms thinking to resume aiding crypto/fiat trading pairs.
Portable remittance rails like the Mumbai-based Airpay are apparently making immediate transfer assistance for exchanges like Coinswitch and Binance-owned WazirX. Nevertheless, given India’s estimated 15 million cryptocurrency investors, such remittance media might possibly prove deficient.
In order to control the situation, main platforms like WazirX pauses crypto/fiat trading on some particular days with only peer-to-peer (P2P) transactions accessible.
Few other exchanges are apparently making use of manual payments for bank deposits and withdrawals.
Crypto exchange collaborators say dependence on P2P media and other possible trading patterns may open users to crooked players.
Since a regulatory structure for cryptocurrencies in India is not present, exchanges in the country might possibly continue to undergo struggles like this.